Second steppers, people buying their second homes, are becoming more likely to opt for a four-bed detached home rather than a three-bed semi, according to Lloyds Bank.

The bank suggests that many are missing out a step on the housing ladder and are moving faster towards their family home.

Second steppers are spending 19 months longer in their first home than they expected with a third of these increasing their savings and 41% overpaying their mortgage.

Preferred home

In 2010, the three-bed semi was the preferred second step with 60% looking to move to a semi-detached house and 48% saying detached properties would also be an option.

This year, 54% are looking to next move to a detached house with semi-detached properties reducing to 51%.

While three-bed properties remain the preferred size of home the number selecting such a property has dropped from 55% to 45%.

The percentage choosing four-bed properties has risen from 24% to 31%.

Strutt & Parker conducted its own Housing Futures survey in 2014 and the findings showed that the most desired future housing type by far was a detached house at a huge 82.9%, followed by a flat at 8.3%.

The preferred characteristics of these homes were, in descending order: period, cottage, new construction and conversion (tied), and postwar/modern. On a regional basis, cottages were the most desired type of home in the north east, whilst the south east was the driving force behind the postwar/modern style, bringing it into the top five.

The majority of Strutt & Parker’s survey respondents also said that they were looking for their next home to have four bedrooms, followed by three bedrooms.

Saving up

The average Second Stepper spends four years and five months in their first home. Only 6% of these people intended on staying put for over six years, however in reality, over a third (36%) have done this.

Well over a third (37%) have increased their monthly savings in the last year and 41% are overpaying their mortgage.

As a result, the proportion of people concerned about the size of deposit they require to move also fell in the last year, from 50% in 2013 to 37% in 2014.

The findings also show that Second Steppers may be delaying having a family until they can move into a suitable property. Those moving as result of needing more room to start a family have reduced to 22% from 31% in 2012.

Savvy buyers

Second steppers are still savvy shoppers, with 46% wanting value for money when purchasing a property. This figure has reduced by six percentage points in the past year however.

Finding a nice area to live in is growing in importance and has seen the greatest year-on-year increase. In the past year, the number of respondents selecting this has risen to 38% from 32%.

These changes suggest a more long term perspective for Second Steppers, looking to move into a more permanent family home.

Second Steppers delaying their move may impact on first time buyers.

Second Steppers are the link between first time buyers and the rest of the housing ladder. They are living in the homes that the first time buyers need to buy to keep the market moving.

With them taking longer to move from their first house up the housing ladder, the supply of existing first time buyer homes is reduced, potentially increasing the difficulty for many to get on the housing ladder in the first place. 

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